Retirement Options Reviewed

A client was referred to us by an accountancy practice. The client was a company owner who was in financial difficulties and required access to funds. He had sought advice previously in relation to accessing his pension fund and had been advised that the best course of action was to take 25% of it tax free, with the balance being used to supplement his other income via regular (taxable) drawdown. Through analysis and investigation, we were in a position to alert the client to a further option open to him which allowed him to take the full €200,000 tax free, thereby saving him in excess of €75,000 in tax.